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Article 1: General provisions and definitions

N.C. Gen. Stat. § 36C-1-101 ↗ Short title: Chapter 36C of the North Carolina General Statutes may be cited as the North Carolina Uniform Trust Code.
N.C. Gen. Stat. § 36C-1-102 ↗ Scope: The North Carolina Uniform Trust Code applies to any express trust, private or charitable, with additions to it, wherever and however created — testamentary and inter vivos trusts alike, whether or not the trustee accounts to the clerk of superior court — and to a trust created or determined by a judgment or decree to be administered as an express trust. It does not apply to constructive or resulting trusts, conservatorships, estates, payable-on-death accounts, preneed funeral trust funds under G.S. 90-210.61, custodial arrangements under Chapters 33A and 33B, business trusts issuing certificates to beneficiaries, common trust funds, voting trusts, security arrangements, liquidation trusts, trusts whose primary purpose is paying debts, dividends, interest, salaries, wages, profits, pensions or employee benefits, or an arrangement in which a person is a nominee or escrowee for another.
N.C. Gen. Stat. § 36C-1-103 ↗ Definitions: Defines the Chapter's terms, among them: "action" (a trustee's act, including a failure to act); "ascertainable standard" (health, education, support or maintenance within Internal Revenue Code sections 2041(b)(1)(A) and 2514(c)(1)); "beneficiary" (a person with a present or future beneficial interest, vested or contingent, or who holds a power of appointment over trust property other than as trustee — a permissible appointee excluded); "charitable trust"; "person"; "power of withdrawal"; "principal place of administration" (the trustee's usual place of business where the trust's records are kept, or the trustee's residence — for cotrustees, a corporate cotrustee's usual place of business, otherwise any cotrustee's); "property"; "qualified beneficiary" (a living beneficiary who, on the date qualification is determined, is a distributee or permissible distributee of income or principal, would be one if the present distributees' interests ended without ending the trust, or would be one if the trust ended that day); "revocable" (revocable by the settlor without the consent of the trustee or of a person holding an adverse interest); "settlor" (a person, including a testator, who creates or contributes property to a trust — each contributor the settlor of the portion attributable to that contribution); "spendthrift provision" (a term restraining both voluntary and involuntary transfer of a beneficiary's interest); "terms of a trust" (the settlor's intent as expressed in the trust instrument or as established, determined or amended by a judicial proceeding, a nonjudicial settlement agreement, a nonjudicial modification with the consent of the settlor and all beneficiaries, or a trustee or power holder acting in accordance with law); "trust instrument"; and "trustee" (an original, additional or successor trustee or a cotrustee, whether or not appointed or confirmed by a court — not a trustee in a mortgage or deed of trust).
N.C. Gen. Stat. § 36C-1-104 ↗ Knowledge: A person has knowledge of a fact if the person has actual knowledge of it, has received notice or notification of it, or has reason to know it from all the facts and circumstances known to the person at the time. An organization acting through employees has notice or knowledge of a fact involving a trust only from the time the employee responsible for the trust received the information, or would have had it brought to that employee's attention had the organization exercised reasonable diligence — reasonable routines for communicating significant information to that employee, reasonably followed; reasonable diligence does not require an employee to pass information on unless doing so is part of the employee's regular duties or the employee knows a matter involving the trust would be materially affected by it.
N.C. Gen. Stat. § 36C-1-105 ↗ Default and mandatory rules: Except as the terms of a trust provide otherwise, the Chapter governs the duties and powers of a trustee and of a power holder under Article 8A, the relations among them, and a beneficiary's rights and interests. The terms prevail over the Chapter except as to: the requirements for creating a trust; the duty of a trustee or power holder to act in good faith and in accordance with the terms and purposes of the trust and the interests of the beneficiaries (subject to G.S. 36C-8A-4 for a trustee, and not for a power holder acting in a nonfiduciary capacity); the requirement that a trust and its terms be for the benefit of its beneficiaries and that its purpose be lawful, not contrary to public policy and possible to achieve; the court's power to modify or terminate a trust under G.S. 36C-4-410 through 36C-4-416; the effect of a spendthrift provision and the rights of certain creditors and assignees under Article 5; the effect of an exculpatory term under G.S. 36C-10-1008; the rights under G.S. 36C-10-1010 through 36C-10-1013 of a person other than a trustee or beneficiary; periods of limitation for commencing a judicial proceeding; the court's power to take any action and exercise any jurisdiction the interests of justice require; subject-matter jurisdiction and venue under G.S. 36C-2-203 and 36C-2-204; the rule that exercising the powers in G.S. 36C-6-602.1(a) does not alter the beneficiaries designated to receive property at the settlor's death under the settlor's existing estate plan; and a trustee's power to renounce an interest in or power over property under G.S. 36C-8-816(32).
N.C. Gen. Stat. § 36C-1-106 ↗ Common law of trusts; principles of equity: The common law of trusts and principles of equity supplement the Chapter, except to the extent the Chapter or another North Carolina statute modifies them.
N.C. Gen. Stat. § 36C-1-107 ↗ Governing law: The meaning and effect of a trust's terms are determined by the law of the jurisdiction the terms designate, unless that designation is contrary to a strong public policy of the jurisdiction having the most significant relationship to the matter at issue, and, absent a controlling designation, by the law of the jurisdiction having the most significant relationship to the matter. The rights of a person other than a trustee or beneficiary are governed by G.S. 36C-10-1010 through 36C-10-1013.
N.C. Gen. Stat. § 36C-1-108 ↗ Principal place of administration: Terms designating a trust's principal place of administration are valid and controlling if a trustee's principal place of business is in, or a trustee resides in, the designated jurisdiction, or if all or part of the administration occurs there. Without limiting the court's power over a transfer, a trustee may move the principal place of administration to another state after written notice of the proposed transfer to the qualified beneficiaries at least 60 days before starting it — the transfer may proceed if no qualified beneficiary objects by the date the notice names, and the trustee's authority to transfer under the section ends if one does — and to a place outside the United States only after written notice and the written consent of every qualified beneficiary. The notice names the new jurisdiction, the trustee's address and telephone number there, the reasons for the transfer, its anticipated date and, for a move to another state, the date — at least 60 days after the notice — by which a qualified beneficiary is to object. With the move, the trustee may transfer some or all of the trust property to a successor trustee designated in the terms or appointed under G.S. 36C-7-704.
N.C. Gen. Stat. § 36C-1-109 ↗ Methods and waiver of notice: Notice to a person, or the sending of a document, under the Chapter is accomplished in a manner reasonably suitable under the circumstances and likely to result in receipt — first-class mail, personal delivery, delivery to the person's last known residence or place of business, or a properly directed electronic message among the permissible methods. Notice is deemed given when personally delivered by hand, when transmitted by facsimile, when placed in the hands of a nationally recognized courier service, when received if sent by registered or certified mail with return receipt requested, or three days after deposit in a regularly maintained mail receptacle if sent by regular mail; notice by any other means is deemed given on the date of actual receipt. Notice need not be given to a person whose identity or location is unknown to and not reasonably ascertainable by the trustee; the person to be notified may waive notice; and notice of a judicial proceeding is given as Article 2 provides.
N.C. Gen. Stat. § 36C-1-110 ↗ Others treated as qualified beneficiaries: A charitable organization expressly designated to receive distributions under a charitable trust's terms has a qualified beneficiary's rights if, on the date its qualification is determined, it is a distributee or permissible distributee of income or principal, would be one on the end of the present distributees' interests without the trust ending, or would be one if the trust ended that day. A person appointed to enforce a trust for the care of an animal or another noncharitable purpose under G.S. 36C-4-408 or 36C-4-409 also has a qualified beneficiary's rights.
N.C. Gen. Stat. § 36C-1-111 ↗ Nonjudicial settlement agreements: The interested persons — those whose consent would be required for a binding settlement approved by the court — may enter into a binding nonjudicial settlement agreement on the approval of a trustee's report or accounting; a direction to a trustee to perform or refrain from a particular administrative act, or the grant of a necessary or desirable administrative power, including one under G.S. 36C-8-816; a trustee's resignation or appointment and the determination of a trustee's compensation; the transfer of the principal place of administration; and a trustee's liability for an action taken on those matters. An agreement is valid only to the extent it does not violate a material purpose of the trust and includes terms the court could properly approve; any interested person may ask the court to approve it, to decide whether the representation under Article 3 was adequate, and to decide whether its terms are ones the court could have approved.

Article 2: Judicial proceedings before the clerk of superior court

N.C. Gen. Stat. § 36C-2-203 ↗ Subject matter jurisdiction (the clerk of superior court): The clerks of superior court have original jurisdiction over all proceedings concerning the internal affairs of trusts — the administration and distribution of trusts, the declaration of rights and the determination of other matters involving trustees and beneficiaries, to the extent the governing instrument does not provide for them — and that jurisdiction is exclusive except for the proceedings in subdivision (9). They include proceedings to appoint or remove a trustee (including under G.S. 36C-4-414(b)) and to appoint a special fiduciary under G.S. 36C-8B-9; to approve a trustee's resignation; to review trustees' fees under Article 6 of Chapter 32 and review and settle interim or final accounts; to convert an income trust to a total return unitrust, reconvert it, or change its percentage or valuation method under G.S. 37A-1-104.3; to transfer a trust's principal place of administration; to require, set, excuse, reduce, release or substitute a trustee's bond; to make orders for a trust for the care of animals or a noncharitable trust without an ascertainable beneficiary; and (subdivision (9)) to ascertain beneficiaries, determine any question arising in the administration or distribution of a trust — the construction of trust instruments included — create a trust, and determine whether a trust created other than by will, or any immunity, power, privilege, duty or right, exists. Any party may file a notice transferring a subdivision (9) proceeding to the superior court under G.S. 36C-2-205(g1); otherwise the Declaratory Judgment Act (Article 26 of Chapter 1) applies before the clerk. The section gives the clerk no authority to regulate or supervise a trustee except where the trustee's actions are inconsistent with the governing instrument or State law, creates no new right or remedy, and leaves a declaratory-judgment action in the superior court available. Over a party's objection the clerk does not entertain a proceeding involving a trust administered in another state unless the parties could not all be bound there or the interests of justice would otherwise be seriously impaired. A party may appeal the clerk's decision to a superior court judge as for estate matters (G.S. 1-301.3). The clerk has no jurisdiction over actions to reform, terminate or modify a trust under G.S. 36C-4-410 through 36C-4-416; actions by or against a trust's creditors or debtors; claims for money damages, including breach of fiduciary duty, fraud and negligence; actions to enforce or amend a charitable trust; decanting actions under Article 8B; actions to construe a formula under G.S. 36C-1-113; or actions to establish a revocable trust's validity before death under Article 4C.
N.C. Gen. Stat. § 36C-2-204 ↗ Venue: In a trust proceeding before the clerk of superior court or the superior court: where the trustee accounts to the clerk, venue is where the accountings are filed; where the trustee does not, then unless the governing instrument provides otherwise, venue for an inter vivos trust is any North Carolina county where the trust has its principal place of administration or where any beneficiary resides, and for a testamentary trust also the county where the testator's estate was administered. A petition to establish a revocable trust's validity before death under Article 4C is venued in the county where the petitioner resides. Where a trust has no trustee, a proceeding to appoint one may be brought in any county where a beneficiary resides or trust property is located, in the county the instrument specifies, or, for a testamentary trust, in the county where the estate was or is being administered. An objection to venue before the clerk is made in a timely response or, absent one, within 20 days after service (with extensions under G.S. 36C-2-205(d)); before the superior court the Rules of Civil Procedure govern; and an error in venue does not affect a proceeding's validity.
N.C. Gen. Stat. § 36C-2-205 ↗ Commencement of proceedings, pleadings, consolidation and joinder: A contested trust proceeding before the clerk of superior court is commenced as a civil action and docketed as an estate matter: parties not joining as petitioners are joined as respondents, and the clerk issues a summons — marked as issued in an estate matter and served under Rule 4 of the Rules of Civil Procedure — requiring an answer within 20 days after service, after which any party or the clerk may give notice of a hearing. An uncontested proceeding, all parties joining, is commenced by a petition stating the facts and the relief sought, which the clerk may hear and decide summarily. Pleadings give a short and plain statement of the claim and a demand for relief, with no technical forms, and a signature certifies that the paper was read, is well grounded in fact and law and is not filed for an improper purpose. The clerk may enlarge a time period for cause by up to 10 days (longer where justice requires) if asked before it expires and may permit a late act for excusable neglect, and the parties may stipulate to enlarge a period by up to 30 days. Unless the clerk directs otherwise, Rules 4, 5, 6(a), 6(d), 6(e), 18, 19, 20, 21, 24, 45, 52(b), 56, 58, 59 and 65 of the Rules of Civil Procedure apply, and the clerk may apply the others, discovery included. A superior court judge may consolidate a trust proceeding with a civil action sharing a common question of law or fact, vesting jurisdiction in the superior court; a party to a superior court action may join claims otherwise within the clerk's exclusive jurisdiction; a notice transferring a subdivision (9) proceeding to the superior court is served within 30 days after service of the pleading seeking that relief, a late notice waiving the objection to the clerk's jurisdiction; and after consolidation, joinder or transfer the clerk's exclusive jurisdiction over the matters in G.S. 36C-2-203(a)(1) through (8) is not stayed unless the court orders it. In every proceeding concerning a charitable trust the Attorney General is notified and may be heard.
N.C. Gen. Stat. § 36C-2-208 ↗ Accounting to the clerk: No trustee, including one the clerk of superior court appointed, accounts to the clerk unless the trust instrument directs it or another law requires it. A trustee who accounts to the clerk may not resign until a final account of the trust estate is filed with the clerk and the court is satisfied it is true and correct, unless the trust instrument provides otherwise. In a proceeding under G.S. 36C-4-405.1 the clerk may require a charitable trust's trustee to account.
N.C. Gen. Stat. § 36C-2-209 ↗ Qualification and accounting of the trustee of a testamentary trust: For a testamentary trust under the will of a decedent executed before January 1, 2004, the trustee first qualifies under the laws applicable to executors and files with the clerk of superior court of the county where the will is probated inventories of the assets that come into the trustee's hands and annual and final accounts the same as executors and administrators file, the clerk enforcing the filings and auditing and approving them with the same powers — unless the will provides otherwise. For a testamentary trust under a will executed on or after January 1, 2004, the same applies only where the will directs the trustee to account to the clerk; otherwise no trustee, including one the clerk appointed, accounts to the clerk unless the will directs it or another law requires it. The Administrative Office of the Courts may adopt rules for registering or indexing testamentary trusts.

Article 3: Representation

N.C. Gen. Stat. § 36C-3-301 ↗ Representation: basic effect: Notice to a person who may represent and bind another under Article 3 has the same effect as notice given directly to the person represented, and the representative's consent binds the person represented unless that person objects before the consent would otherwise take effect. Except as G.S. 36C-4-411 and 36C-6-602 provide, a person who may represent a settlor who lacks capacity may receive notice and give a binding consent for the settlor; a settlor may not represent and bind a beneficiary on a termination or modification by consent under G.S. 36C-4-411(a).
N.C. Gen. Stat. § 36C-3-302 ↗ Representation by the holder of a power of revocation or a general power of appointment: The sole holder, or all the coholders, of a power of revocation or of a presently exercisable or testamentary general power of appointment — including one in the form of a power of amendment — represent and bind the other persons whose interests, as takers in default, are subject to the power.
N.C. Gen. Stat. § 36C-3-303 ↗ Representation by fiduciaries, parents and other persons: Where no conflict of interest exists between the representative and the person represented, or among those represented, on the particular question or dispute: a general guardian or guardian of the estate may represent and bind the estate the guardian controls; an agent under a power of attorney with authority over the question may represent and bind the principal; a trustee may represent and bind the trust's beneficiaries unless the question involves the trust's internal affairs; a personal representative may represent and bind the persons interested in the estate; a parent may represent and bind a minor child for whom no general guardian or guardian of the estate has been appointed — where parents disagree, the parent who is a beneficiary of the trust represents the child, else a parent who is the settlor's lineal descendant, else a guardian ad litem appointed for the child; and a person may represent and bind the person's unborn issue.
N.C. Gen. Stat. § 36C-3-304 ↗ Representation by a person having a substantially identical interest: Unless otherwise represented under Article 3, a minor, an incompetent or unborn individual, or a person whose identity or location is unknown and not reasonably ascertainable may be represented and bound by another person with a substantially identical interest in the particular question or dispute, but only to the extent there is no conflict of interest between them on it.
N.C. Gen. Stat. § 36C-3-305 ↗ Appointment of a representative; scope of representation: Where the court finds an interest unrepresented under Article 3, or the available representation possibly inadequate, it may appoint a guardian ad litem — one may serve for several persons or interests — to receive notice, give consent and otherwise represent, bind and act for a minor, an incompetent or unborn individual, or a person whose identity or location is unknown. A representative may act for the person represented on any matter arising under the Chapter, whether or not a judicial proceeding concerning the trust is pending, and may base a decision to consent to an action on a finding that living members of the individual's family would generally benefit from it.

Article 4: Creation, validity, modification and termination of a trust

N.C. Gen. Stat. § 36C-4-402 ↗ Requirements for creation: A trust is created only if the settlor has capacity to create it, the settlor indicates an intention to create it, the trust has a definite beneficiary — or is a charitable trust, a trust for the care of an animal under G.S. 36C-4-408 or a trust for a noncharitable purpose under G.S. 36C-4-409 — the trustee has duties to perform, and the same person is not the sole trustee and the sole beneficiary. A beneficiary is definite if the beneficiary can be ascertained now or in the future, subject to any applicable rule against perpetuities. A trustee's power to select a beneficiary from an indefinite class is valid; if it is not exercised within a reasonable time it fails, and the property passes to those who would have taken it had the power not been conferred.
N.C. Gen. Stat. § 36C-4-407 ↗ Evidence of oral trust: Except as a North Carolina statute other than the Chapter requires, a trust need not be evidenced by a trust instrument, but the creation of an oral trust and its terms may be established only by clear and convincing evidence.
N.C. Gen. Stat. § 36C-4-410 ↗ Modification or termination of a trust; proceedings for approval or disapproval: Besides the methods in G.S. 36C-4-411 through 36C-4-414, a trust terminates to the extent it is revoked or expires under its terms, no purpose of it remains to be achieved, or its purposes have become unlawful, contrary to public policy or impossible to achieve. A trustee or beneficiary may commence a proceeding to approve or disapprove a proposed modification or termination under G.S. 36C-4-411 through 36C-4-416, a settlor may do so under G.S. 36C-4-411, and the settlor of a charitable trust may maintain a proceeding to modify it under G.S. 36C-4-413; a trustee is a necessary party to every proceeding under Article 4.
N.C. Gen. Stat. § 36C-4-411 ↗ Modification or termination of a noncharitable irrevocable trust by consent: If the settlor and all beneficiaries of a noncharitable irrevocable trust consent, they may compel its modification or termination without court approval, even if inconsistent with a material purpose of the trust; where a beneficiary who is a minor, incompetent, unborn, or unknown or unlocatable cannot be represented under Article 3, the settlor, a competent adult beneficiary or a properly represented beneficiary's representative may ask the court to appoint a guardian ad litem, and the court allows the change once all beneficiaries or their representatives have consented. The settlor's power to consent may be exercised by an agent under a power of attorney only as the power of attorney or the trust's terms expressly authorize, or by the settlor's general guardian or guardian of the estate with the approval of the court supervising the guardianship. With the consent of all beneficiaries, the court may terminate the trust if its continuance is not necessary to achieve any material purpose, or modify it consistently with a material purpose; where the beneficiaries seek a termination or a modification that conflicts with a material purpose, the court may allow it only if the reason for it substantially outweighs the interest in accomplishing that purpose. If not all beneficiaries consent, the court may approve the change if it could have been made had all consented and a non-consenting beneficiary's interests will be adequately protected. The presumption of fertility is rebuttable in determining whose consent is needed; where the instrument gives property to "heirs", "next of kin" or a like class, the court may limit the consenting class to those reasonably likely to take; and, except for a modification under subsection (a), the section does not permit adding terms for removing and replacing a trustee.
N.C. Gen. Stat. § 36C-4-412 ↗ Modification or termination because of unanticipated circumstances or inability to administer the trust effectively: The court may modify a trust's administrative or dispositive terms, or terminate the trust, if because of circumstances the settlor did not anticipate the change will further the trust's purposes — a modification made, to the extent practicable, in accordance with the settlor's probable intention — and may modify the administrative terms if continuing the trust on its existing terms would be impracticable or wasteful or impair its administration.
N.C. Gen. Stat. § 36C-4-414 ↗ Modification or termination of an uneconomic trust: After notice to the qualified beneficiaries, the trustee of a trust whose property has a total value of less than fifty thousand dollars ($50,000) may terminate it if the trustee concludes the value is insufficient to justify the cost of administration, and may make the agreements or other provisions the trustee considers necessary or appropriate to protect the beneficiaries' interests and carry out the trust's intent and purpose — unless the instrument, by specific reference to the section or to former G.S. 36A-125.6, provides that it does not apply. The trustee is not liable for the termination and distribution though beneficiaries who are not sui juris exist or may exist, and a beneficiary receiving a distribution incurs no liability and need not account for it. The court may modify or terminate a trust, or remove the trustee and appoint another, if it determines the value of the trust property is insufficient to justify the cost of administration. The section does not apply to a conservation or preservation easement.
N.C. Gen. Stat. § 36C-4-416 ↗ Modification to achieve the settlor's tax objectives: To achieve a settlor's tax objectives, the court may modify a trust's terms in a manner not contrary to the settlor's probable intention, and may give the modification retroactive effect.
N.C. Gen. Stat. § 36C-4-418 ↗ Distribution upon termination of a trust: On a termination by the settlor's and all beneficiaries' consent under G.S. 36C-4-411(a), the trustee distributes the trust property as the beneficiaries agree; on a termination under G.S. 36C-4-411(b) or (c), as the court's order directs; and on a termination under G.S. 36C-4-412(a) or 36C-4-414, in a manner consistent with the trust's purposes.

Article 4C: Establishing a revocable trust's validity before death

N.C. Gen. Stat. § 36C-4C-2 ↗ Establishing the validity of a revocable trust before death: During the settlor's lifetime, a North Carolina resident who is a settlor of a revocable trust may commence a judicial proceeding for a declaration that the trust is valid. The petition is filed in the superior court; at the hearing the petitioner produces the evidence necessary to establish that the trust, with its existing amendments, is valid and enforceable under its terms, subject only to a later amendment or revocation; and civil summonses issue to the interested persons the petition identifies, who are served with the summons and petition under Rule 4 of the Rules of Civil Procedure. The petition may join a request for a declaration that the petitioner's will or codicil is valid under Article 2B of Chapter 28A, heard in the superior court. Not using the procedure has no evidentiary or procedural effect on any later proceeding, and a "petitioner" is the person seeking a declaration confirming that person's own revocable trust.
N.C. Gen. Stat. § 36C-4C-5 ↗ Declaration by the court; bar to contesting the trust's validity: A judgment declaring a revocable trust valid binds all parties to the proceeding, including persons represented under Article 3, and bars any party bound from challenging the trust's validity once it becomes irrevocable. On the petitioner's or the court's motion, the court may order that the trust cannot be revoked and that no later revocable trust or amendment is valid unless declared valid in a proceeding under Article 4C — any revocation, later trust or amendment not so declared then being void. Where a validated trust is revoked or modified by a later trust or amendment, or revoked by another method, an interested person may contest that later instrument or revocation unless it too was declared valid in an Article 4C proceeding to which the person was a party. Relief from a judgment under Rule 60 of the Rules of Civil Procedure, including for fraud on the court, remains available.

Article 5: Creditors' claims; spendthrift, discretionary and protective trusts

N.C. Gen. Stat. § 36C-5-501 ↗ Rights of a beneficiary's creditor or assignee: Except where a beneficiary's interest is protected or restricted by a spendthrift provision, a discretionary trust interest under G.S. 36C-5-504(a)(2) or a protective trust interest under G.S. 36C-5-508, the court may authorize a beneficiary's creditor or assignee to reach the beneficiary's interest by attaching present or future distributions to or for the beneficiary, or by other means, limiting the award to what is appropriate in the circumstances. To the extent an interest is so protected, the trustee has no liability to a beneficiary's creditor for distributions made to or for the beneficiary.
N.C. Gen. Stat. § 36C-5-502 ↗ Spendthrift provision: A spendthrift provision is valid only if it restrains both voluntary and involuntary transfer of a beneficiary's interest; a term holding the interest subject to a "spendthrift trust", or words of similar import, suffices. A beneficiary may not transfer an interest in violation of a valid spendthrift provision and, except as Article 5 provides, a creditor or assignee of the beneficiary may not reach the interest or a distribution before the beneficiary receives it.
N.C. Gen. Stat. § 36C-5-503 ↗ Exceptions to the spendthrift provision: Even if a trust contains a spendthrift provision, or the beneficiary's interest is a discretionary or protective trust interest, a beneficiary's child — including any person for whom an order or judgment for child support has been entered in North Carolina or another state — who has a judgment or court order against the beneficiary for support or maintenance may obtain a court order attaching present or future distributions to or for the beneficiary, the court limiting the award to what is appropriate in the circumstances.
N.C. Gen. Stat. § 36C-5-504 ↗ Discretionary trusts; effect of a standard: A "discretionary trust interest" is an interest subject to the trustee's discretion, whether or not the discretion is expressed as a standard of distribution — including a trust in which the amount a beneficiary receives, or whether a beneficiary or a class receives anything, is in the trustee's discretion, and one in which the trustee's only duty is to pay or apply the sums the trustee in its discretion determines appropriate for the beneficiary's support, education or maintenance. The beneficiary may not transfer such an interest, and except as Article 5 provides a creditor or assignee may not reach it or a distribution before the beneficiary receives it; a creditor may not compel a distribution even if the trustee has abused its discretion. Where a trustee has not complied with a standard or has abused its discretion, the court may order a distribution to satisfy a judgment or order for the support or maintenance of the beneficiary's child, directing payment to the child of an equitable amount no greater than the trustee would have distributed had it complied. The section does not limit a beneficiary's own proceeding against a trustee for an abuse of discretion or a failure to follow a standard, and a creditor may not reach the interest of a beneficiary who is also a trustee or cotrustee, or compel a distribution, where the trustee's discretion to distribute for its own benefit is limited by an ascertainable standard.
N.C. Gen. Stat. § 36C-5-505 ↗ Creditor's claim against the settlor: Subject to other applicable law, and whether or not the trust has a spendthrift provision or the interest is discretionary or protective: during the settlor's lifetime the property of a revocable trust is subject to the claims of the settlor's creditors; a creditor or assignee of the settlor of an irrevocable trust may reach the maximum amount that can be distributed to or for the settlor — for several settlors, no more than the settlor's interest in the portion attributable to that settlor's contribution — the trustee's discretionary authority to pay or reimburse the settlor's tax on trust income or principal not counted; and after the settlor's death, subject to the settlor's right to direct the source from which liabilities are paid, the property of a trust that was revocable at the death is subject to the claims of the settlor's creditors, the costs of administering the settlor's estate, the expenses of the funeral and disposal of remains, and the statutory allowances to a surviving spouse and children, to the extent the probate estate is inadequate to satisfy them, unless applicable law bars them. Property subject to a power of withdrawal held by someone other than the settlor is subject to the holder's creditors only when and to the extent the holder exercises it, and a lapse, release or waiver is not an exercise and does not make the holder a settlor. Subject to the Uniform Voidable Transactions Act, a person is not treated as the settlor of certain irrevocable inter vivos marital and spousal trusts — a general power of appointment or qualified terminable interest marital trust, or a lifetime trust for the spouse alone or the spouse and issue, where the settlor is a beneficiary after the spouse's death; a trust receiving property from one of those; and a trust for a person whose spouse is its settlor — the "settlor's spouse" being the person married to the settlor when the trust was created.
N.C. Gen. Stat. § 36C-5-506 ↗ Overdue distribution: Whether or not a trust contains a spendthrift provision, a creditor or assignee of a beneficiary may reach a mandatory distribution of income or principal — one the terms require the trustee to make, including on termination, not one within the trustee's discretion even under a support or other standard or phrased with "may" or "shall" — if the trustee has not made it within a reasonable time after the designated distribution date.
N.C. Gen. Stat. § 36C-5-507 ↗ Personal obligations of the trustee: Trust property is not subject to the trustee's personal obligations, even if the trustee becomes insolvent or bankrupt.
N.C. Gen. Stat. § 36C-5-508 ↗ Protective trusts: Except for an interest the settlor retains, a "protective trust interest" is an interest whose terms provide that it ends or becomes discretionary if the beneficiary alienates or attempts to alienate it, any creditor attempts to reach it by attachment, levy or otherwise, or the beneficiary becomes insolvent or bankrupt.

Article 6: Revocable trusts

N.C. Gen. Stat. § 36C-6-601 ↗ Capacity of the settlor of a revocable trust: The capacity required to create, amend, revoke or add property to a revocable trust, or to direct the actions of its trustee, is the same as that required to make a will.
N.C. Gen. Stat. § 36C-6-602 ↗ Revocation or amendment of a revocable trust: Unless the terms of a trust expressly provide that it is irrevocable, the settlor may revoke or amend the trust "without regard to the actual capacity of the settlor" — a rule that does not apply to a trust created under an instrument executed before the Chapter took effect. Where several settlors create or fund a revocable trust, community property may be revoked by either spouse alone but amended only by both together, and each settlor may revoke or amend the portion of other property attributable to that settlor's contribution. The settlor revokes or amends by substantially complying with a method the terms provide or, where the terms provide none or do not make theirs exclusive, by a later will or codicil that expressly refers to the trust or specifically devises property that would otherwise pass under it, by an oral statement to the trustee if the trust was created orally, or by any other written method delivered to the trustee that manifests the settlor's intent by clear and convincing evidence. On revocation the trustee delivers the trust property as the settlor directs, and a trustee who does not know of a revocation or amendment is not liable to the settlor or the settlor's successors for distributions and other actions taken on the assumption that there was none.
N.C. Gen. Stat. § 36C-6-602.1 ↗ Exercise of the settlor's powers over a revocable trust by an agent or guardian: An agent under a power of attorney may revoke or amend a revocable trust, add to it, direct the disposition of its property, or create the trust only to the extent the trust's terms or the power of attorney expressly authorize, and the exercise does not alter the beneficiaries designated to receive property at the settlor's death under the settlor's existing estate plan. A general guardian or guardian of the estate may exercise the settlor's powers over a revocable trust as G.S. 35A-1251(24) provides.
N.C. Gen. Stat. § 36C-6-603 ↗ Settlor's control of a revocable trust: While a trust is revocable, the beneficiaries' rights are subject to the settlor's control and the trustee's duties are owed exclusively to the settlor; a trustee who is a settlor is presumed to act at the settlor's direction. Where a revocable trust has more than one settlor, the trustee's duties are owed to all of them.
N.C. Gen. Stat. § 36C-6-604 ↗ Limitation on an action contesting the validity of a revocable trust; distribution of trust property: A proceeding to contest the validity of a trust that was revocable at the settlor's death may be commenced within the earlier of three years after the settlor's death or 120 days after the trustee sent the person a copy of the trust instrument and a written notice under Rule 4 of the Rules of Civil Procedure informing the person of the trust's existence, the trustee's name and address, and the time allowed for commencing a proceeding. After the settlor's death the trustee may administer the trust and distribute its property under its terms without liability, except that the trustee does not distribute to a beneficiary in contravention of the rights of a person who may be affected by a pending or possible proceeding if, when the distribution is made, the trustee knows of a pending proceeding contesting the trust's validity in whole or part or the identity of the eligible beneficiaries, or a potential contestant has notified the trustee in writing of a possible contest and a proceeding is commenced within 60 days after the notification was sent. A distribution in contravention of that rule is a breach of trust, though on motion, notice and good cause the court may authorize a distribution on conditions it sets, including a bond from the beneficiary. A beneficiary of a trust, or of an interest, determined invalid is liable to return a distribution received, and one who refuses after a court order is liable for the costs of recovering it, including attorneys' fees.
N.C. Gen. Stat. § 36C-6-605 ↗ Failure of a disposition of trust property by lapse or otherwise: If a beneficiary of a revocable trust who is the settlor's grandparent or a descendant of the settlor's grandparent predeceases the execution of the trust or the settlor, or is treated as having predeceased the settlor, the beneficiary's issue who survive the settlor take in the beneficiary's place, as they would take as the beneficiary's heirs under the intestacy law in effect at the settlor's death — whether the gift is to an individual, to a class or part of the residue; in a class gift the issue take what the beneficiary would have taken, and if the deceased class member leaves no issue the share passes to the surviving class members and the substituted issue of deceased members. Where that rule does not apply, failed property passes to the residuary beneficiaries in proportion to their shares — a failed residuary share augmenting the other residuary shares, including substitute takers' — and with no residuary beneficiaries it passes by intestacy.
N.C. Gen. Stat. § 36C-6-606 ↗ Revocation of provisions in a revocable trust by divorce or annulment; revival: Unless the revocable trust expressly indicates a contrary intent, if the settlor's marriage is dissolved by absolute divorce or annulment after the trust is executed, the former spouse — including a purported former spouse — is deemed to have predeceased the settlor for all purposes of the trust's construction, interpretation and administration, including a power of appointment conferred on the former spouse and any appointment of the former spouse as executor, trustee, conservator, guardian or other fiduciary or nonfiduciary. The rule does not apply if the settlor later executes a valid amendment modifying the trust, or remarries the former spouse before death (unless that remarriage is in turn dissolved by divorce or annulment).

Article 7: Office of trustee

N.C. Gen. Stat. § 36C-7-701 ↗ Accepting or declining trusteeship: A person designated as trustee accepts the trusteeship by substantially complying with a method of acceptance the trust's terms provide or, where the terms provide none or do not make theirs exclusive, by accepting delivery of the trust property, exercising powers or performing duties as trustee, or otherwise indicating acceptance. A designated trustee who has not yet accepted may reject the trusteeship, and one who does not accept within 120 days after written notice to accept the trusteeship is provided is considered to have rejected it. Without accepting, a designated trustee may act to preserve the trust property if, within a reasonable time after acting, the person sends a rejection of the trusteeship to the settlor — or, if the settlor is dead or lacks capacity, to a qualified beneficiary — and may inspect or investigate trust property to determine potential liability under environmental or other law, or for any other purpose.
N.C. Gen. Stat. § 36C-7-702 ↗ Trustee's bond: A trustee provides bond to secure the performance of the trustee's duties if the trust instrument was executed before January 1, 2006, unless its terms provide otherwise; if the instrument was executed on or after January 1, 2006, only where its terms require bond; if a beneficiary requests bond and the court finds the request reasonable; or if the court finds bond necessary to protect beneficiaries who cannot protect themselves and whose interests are not otherwise adequately represented — but in no event where the governing instrument directs otherwise. A bond executed by a personal surety is double the value of the personal property coming into the trustee's hands, and one secured by a corporate surety authorized by the Commissioner of Insurance at least one and one-fourth times the value of the trust's personal property — the court may accept the value plus ten percent (10%) where the personal property exceeds one hundred thousand dollars ($100,000) — conditioned on the faithful performance of the trustee's duties and payment to the persons entitled to the property, and every bond is filed with the clerk of superior court. On the petition of the trustee or a qualified beneficiary the court may excuse a bond requirement, reduce the bond, release the surety or permit a substitute bond, and banks and trust companies licensed to do trust business in North Carolina need not give bond even where the terms require it.
N.C. Gen. Stat. § 36C-7-703 ↗ Cotrustees: Cotrustees unable to reach a unanimous decision may act by majority decision if more than two are serving; unanimity is required when only two are serving. After a vacancy the remaining cotrustees may act for the trust and exercise all trustee powers except those the instrument or law bars them from exercising. A cotrustee participates in the performance of each trustee function unless unavailable because of absence, illness, disqualification under other law or other temporary incapacity, or the function was properly delegated to another trustee; where a cotrustee is so unavailable and prompt action is necessary to achieve the trust's purposes or avoid injury to its property, the remaining cotrustee or a majority of them may act. With the cotrustee's consent a trustee may delegate to a cotrustee any function other than those the settlor reasonably expected the trustees to perform jointly — among those not expected to be joint: keeping bank accounts and issuing checks, keeping inventories, accountings and records, entering a safe deposit box, employing agents, attorneys, accountants, brokers, appraisers and custodians, listing property for taxes and filing returns, collecting and giving receipts, paying debts, costs and taxes, settling claims, holding custody of the property and investment functions. Each cotrustee exercises reasonable care to avoid enabling a cotrustee to commit a serious breach of trust and to compel a cotrustee to redress one — except that where the terms give one cotrustee an exclusive power, the excluded cotrustee is not liable for its exercise and has no duty to monitor, advise or consult that cotrustee or to notify beneficiaries, while the cotrustee holding the power is liable as if the other were not in office and alone accounts for and defends its exercise. Where the terms or the Chapter let one or more cotrustees' decision control, a dissenting cotrustee without actual knowledge that the action is a serious breach is not liable if the cotrustee does not join, or joins to carry out the decision after giving notice of the dissent at or before joining. Trustees owning stock or other securities: one voting binds all, several voting binds all, and an evenly split vote lets each faction vote the securities proportionately.
N.C. Gen. Stat. § 36C-7-704 ↗ Vacancy in trusteeship; appointment of a successor: A vacancy occurs if a designated trustee rejects the trusteeship, cannot be identified or does not exist, or a trustee resigns, is disqualified or removed, dies, or has a general guardian, guardian of the estate or guardian of the person appointed. A vacancy need not be filled while a cotrustee remains in office, and is filled where no trustee remains — for a noncharitable trust, in order of priority, by a person designated or appointed under the trust's terms as successor trustee, by a person appointed by unanimous agreement of the qualified beneficiaries, or by a person the court appoints; for a charitable trust, by the terms' designee, then by majority agreement of the qualified beneficiaries of a split-interest charitable trust, then by majority agreement of the charitable organizations expressly designated to receive distributions, then by the court. Whether or not a vacancy exists, the court may appoint an additional trustee or a special fiduciary whenever it considers one necessary for the administration. A successor trustee succeeds to all the original trustee's rights, powers and privileges and is subject to all its duties, liabilities and responsibilities unless the governing instrument shows a contrary intent or the appointing order provides otherwise, and is vested with title to the former trustee's trust property.
N.C. Gen. Stat. § 36C-7-705 ↗ Resignation of trustee: A trustee may resign on at least 30 days' written notice to the qualified beneficiaries, the settlor if living, and all cotrustees, or with the court's approval, the court able to issue the orders and impose the conditions reasonably necessary to protect the trust property. A resignation does not discharge or affect any liability of the resigning trustee, or of the sureties on the trustee's bond, for the trustee's acts or omissions.
N.C. Gen. Stat. § 36C-7-706 ↗ Removal of trustee: The settlor, a cotrustee or a beneficiary of an irrevocable trust may ask the court to remove a trustee, or the court may act on its own initiative, where the trustee has committed a serious breach of trust; lack of cooperation among cotrustees substantially impairs the administration; because of the trustee's unfitness, unwillingness or persistent failure to administer the trust effectively, the court determines removal best serves the beneficiaries' interests; or there has been a substantial change of circumstances, removal best serves all the beneficiaries' interests and is consistent with a material purpose of the trust, and a suitable cotrustee or successor is available. Pending a final decision, or instead of or in addition to removal, the court may order the relief under G.S. 36C-10-1001(b) necessary to protect the trust property or the beneficiaries' interests.
N.C. Gen. Stat. § 36C-7-707 ↗ Delivery of property by a former trustee: Unless a cotrustee remains in office or the court orders otherwise, a trustee who has resigned or been removed has a trustee's duties and the powers necessary to protect the trust property until the property is delivered to a successor trustee or another person entitled to it. The former trustee proceeds expeditiously to deliver the trust property in its possession to the cotrustee, successor trustee or other person entitled to it, and executes the documents acknowledging the transfer of title that they reasonably request to facilitate the administration — the clerk of superior court may order the former trustee to execute them.
N.C. Gen. Stat. § 36C-7-708 ↗ Compensation of trustee: If the trust's terms do not specify the trustee's compensation, the trustee is entitled to compensation determined under Article 6 of Chapter 32 of the General Statutes; if they do, the trustee is entitled to be compensated as they specify.
N.C. Gen. Stat. § 36C-7-709 ↗ Reimbursement of expenses: A trustee is entitled to be reimbursed out of the trust property for expenses properly incurred in the administration of the trust, as G.S. 32-58 provides.

Article 8: Duties and powers of trustee

N.C. Gen. Stat. § 36C-8-801 ↗ Duty to administer trust: On accepting a trusteeship, a trustee administers the trust in good faith, in accordance with its terms and purposes and the interests of the beneficiaries, and in accordance with the Chapter.
N.C. Gen. Stat. § 36C-8-802 ↗ Duty of loyalty: A trustee administers the trust solely in the interests of the beneficiaries. Subject to the protection of persons dealing with or assisting the trustee under G.S. 36C-10-1012, a sale, encumbrance or other transaction involving the investment or management of trust property that the trustee enters for its own personal account, or that is otherwise affected by a conflict between its fiduciary and personal interests, is voidable by an affected beneficiary whether or not it is fair, unless the trust's terms authorized it, the court approved it, the beneficiary did not commence a proceeding within the time G.S. 36C-10-1005 allows, the beneficiary consented, ratified or released the trustee under G.S. 36C-10-1009, or it involves a contract entered or claim acquired before the person became or contemplated becoming trustee. A transaction is rebuttably presumed affected by a conflict if made with the trustee's spouse or the spouse's parent; the trustee's descendants, siblings, ancestors or their spouses; the trustee's agent, attorney, employee, officer, director, member, manager or partner, or an entity controlling, controlled by or under common control with the trustee; or another person or entity in which the trustee, or a person owning a significant interest in the trust, has an interest or relationship that might affect the trustee's best judgment. A transaction with a beneficiary not concerning trust property, made while the trust exists or the trustee retains significant influence over the beneficiary, from which the trustee gains an advantage and which is outside its ordinary course of business or on terms substantially less favorable than it offers similar customers, is voidable by the beneficiary unless the trustee establishes it was fair; and a personal transaction that takes an opportunity properly belonging to the trust involves a conflict. An investment in an investment company or pooled vehicle in which the trustee or an affiliate invests or to which it provides paid services is not presumed conflicted if it otherwise satisfies the prudent investor rule — the vehicle may compensate the trustee from fees charged to the trust if the trustee at least annually notifies each beneficiary owed information under G.S. 36C-8-813(a)(1) of the rate and method — and ordinary-course payments to an attorney, broker, accountant or agent at customary rates are not conflicted. The trustee votes stock and exercises control of other enterprises in the beneficiaries' best interests, appointing managers who will manage a wholly owned enterprise in those interests. The section does not preclude an agreement with a beneficiary on the trustee's appointment or compensation, payment of the compensation G.S. 36C-7-708 allows, a transaction fair to the beneficiaries with another trust, estate or guardianship of which the trustee is a fiduciary or in which a beneficiary has an interest, a deposit in a regulated financial-service institution the trustee or an affiliate operates, or an advance of money to protect the trust; the court may appoint a special fiduciary to decide a proposed transaction that might otherwise violate the section.
N.C. Gen. Stat. § 36C-8-803 ↗ Impartiality: Where a trust has two or more beneficiaries, the trustee acts impartially in investing, managing and distributing the trust property, giving due regard to the beneficiaries' respective interests.
N.C. Gen. Stat. § 36C-8-804 ↗ Prudent administration: A trustee administers the trust as a prudent person would, considering its purposes, terms, distributional requirements and other circumstances, and in doing so exercises reasonable care, skill and caution.
N.C. Gen. Stat. § 36C-8-805 ↗ Cost of administration: In administering a trust, the trustee may incur only costs that are reasonable in relation to the trust property, the purposes of the trust and the skills of the trustee.
N.C. Gen. Stat. § 36C-8-806 ↗ Trustee's skills: A trustee who has special skills or expertise, or was named trustee in reliance on its representation that it has them, uses those special skills or expertise.
N.C. Gen. Stat. § 36C-8-807 ↗ Delegation by trustee: A trustee may delegate duties and powers that a prudent trustee of comparable skills could properly delegate in the circumstances, exercising reasonable care, skill and caution in selecting the agent, in setting the scope and terms of the delegation consistently with the trust's purposes and terms, and in periodically reviewing the agent's actions to monitor its performance and compliance. An agent performing a delegated function owes the trust a duty of reasonable care to comply with the delegation's terms; a trustee who meets those requirements is not liable to the beneficiaries or the trust for the agent's actions; and an agent accepting a delegation from the trustee of a trust subject to North Carolina law submits to the jurisdiction of North Carolina's courts.
N.C. Gen. Stat. § 36C-8-808 ↗ Powers of the settlor to direct or consent to the trustee's actions: While a trust is revocable, its settlor has at all times the power to direct or consent to the trustee's actions, whether or not the trust's terms confer it. The trustee may follow a direction of the settlor that the terms do not authorize or that is contrary to them, even if doing so exceeds the trustee's authority under the terms or would otherwise violate a duty the trustee owes, and is not liable, individually or as a fiduciary, for a loss resulting directly or indirectly from compliance; where the settlor's consent is required for an action and the settlor does not give it within a reasonable time after the trustee's timely request, the trustee is not liable for a loss resulting from not taking the action.
N.C. Gen. Stat. § 36C-8-809 ↗ Control and protection of trust property: A trustee takes reasonable steps to take control of and protect the trust property.
N.C. Gen. Stat. § 36C-8-810 ↗ Record keeping and identification of trust property: A trustee keeps adequate records of the trust's administration, keeps the trust property separate from its own, and — except where it keeps records clearly showing the respective interests, which allows it to invest and administer the property of two or more separate trusts as a whole — causes the trust property to be designated so that the trust's interest, to the extent feasible, appears in records kept by someone other than a trustee or beneficiary.
N.C. Gen. Stat. § 36C-8-811 ↗ Enforcement and defense of claims: A trustee takes reasonable steps to enforce the trust's claims and to defend claims against the trust.
N.C. Gen. Stat. § 36C-8-812 ↗ Collecting trust property: A trustee takes reasonable steps to compel a former trustee or another person to deliver trust property to the trustee, and to redress a breach of trust the trustee knows a former trustee committed.
N.C. Gen. Stat. § 36C-8-813 ↗ Duty to inform and report: A trustee provides reasonably complete and accurate information about the nature and amount of the trust property, at reasonable intervals, to each qualified beneficiary who is a distributee or permissible distributee of trust income or principal, and, on a reasonable request of any qualified beneficiary, provides a copy of the trust instrument, provides reasonably complete and accurate information about the nature and amount of the trust property, and allows reasonable inspections of the subject matter of the trust and of the accounts and other documents relating to it. The duty does not include informing a beneficiary in advance of transactions relating to the trust property. A trustee is considered to have discharged the interval-information duty to a qualified beneficiary for the matters disclosed by a report sent to the beneficiary at least annually and at the trust's termination that describes the trust property, liabilities, receipts and disbursements, including the source and amount of the trustee's compensation, and lists the trust assets and their market values, including estimated values of assets with uncertain values; no presumption arises that a trustee who does not send such a report failed to discharge the duty. A qualified beneficiary may waive the right to a report or other information and may withdraw the waiver as to future reports and information.
N.C. Gen. Stat. § 36C-8-814 ↗ Discretionary powers; tax savings: However broad the discretion the terms grant — "absolute", "sole" or "uncontrolled" included — a trustee abuses its discretion in exercising or failing to exercise a discretionary power if it acts in bad faith, dishonestly or with an improper motive, even one not dishonest, or fails to use its judgment in accordance with the trust's terms and purposes and the beneficiaries' interests. Unless the terms, by express reference to the subsection, provide otherwise: a beneficiary-trustee other than the settlor may not exercise a power that would otherwise be a general power of appointment in favor of itself, its estate or the creditors of either, except that a power to make distributions for its own benefit may be exercised under an ascertainable standard; a trustee may not exercise a discretionary distribution power to satisfy a support obligation it personally owes; and a power to allocate receipts and expenses between income and principal in its own favor is exercised under Chapter 37A, the Uniform Principal and Income Act of 2003. A power so limited may be exercised by a majority of the remaining trustees not limited, or, if all are, by a special fiduciary the court appoints; the limits do not apply to a power held by a settlor's spouse as trustee of a trust that received a marital deduction, to a trust while its settlor may revoke or amend it, or to a trust whose contributions qualify for the annual exclusion under section 2503(c). Where a trust for the settlor's spouse pays all income at least annually and a marital deduction is claimed, the spouse may require unproductive property to be made productive or converted within a reasonable time, unless the instrument provides otherwise by reference to the section.
N.C. Gen. Stat. § 36C-8-815 ↗ General powers of trustee: Without court authorization a trustee may exercise the powers the trust's terms confer and, except as the terms limit them, all the powers over trust property that an unmarried competent owner has over individually owned property, any other powers appropriate to achieve the proper investment, management, administration or distribution of the trust property, and the other powers the Chapter confers. None of these powers relieves the trustee of its fiduciary duties under Article 8.
N.C. Gen. Stat. § 36C-8-816 ↗ Specific powers of trustee: Without limiting the general powers of G.S. 36C-8-815, a trustee may: collect and control trust property and accept or reject additions to it; invest and reinvest, and acquire or sell property for cash or on credit at public or private sale; exchange, partition or otherwise change the character of trust property; deposit trust money in a regulated financial-services institution, including one the trustee or an affiliate operates; borrow, with or without security, renew or modify loans, and mortgage or pledge trust property for a period within or beyond the trust's duration; form, fund, continue, merge, dissolve or recapitalize a business or other enterprise, agricultural operations included, and take any action an owner may take; exercise an absolute owner's rights over securities — voting and proxies, nominee holding, calls and subscription or conversion rights, deposit with a depositary, consenting to reorganizations, and electing to join class litigation; build, repair, alter, improve or demolish structures, subdivide, develop and dedicate land, grant easements, adjust boundaries and contract for crops, timber, minerals and other natural resources; lease as lessor or lessee, natural-resource arrangements included, for any period; grant or acquire options; insure the trust property, the trustee, its agents and the beneficiaries; abandon or decline to administer property of no or insufficient value; inspect, investigate, remedy and compromise environmental matters and pay their costs; pay, contest, compromise or release claims; pay taxes, the trustee's and agents' compensation and administration expenses; make tax elections; select payment modes and collect proceeds under benefit plans, annuities and life insurance; make loans, including fair and reasonable loans to a beneficiary secured by a lien on future distributions, and pledge trust property for, or guarantee, loans to a beneficiary or to a business in which the trust or a beneficiary has an interest; appoint and remove an ancillary trustee in another jurisdiction; pay a distribution for a minor or a beneficiary believed incompetent to a guardian, a custodian or custodial trustee, an adult caregiver or a separate fund — with no duty to see to its application where due care was used in choosing the recipient, and applying a mandatory distribution for a competent adult only with that beneficiary's consent; make divided or undivided, pro rata or non-pro rata distributions in cash or in kind, valuing the property and adjusting for differences, without regard to tax basis; use mediation, arbitration or other dispute resolution; prosecute or defend proceedings in any jurisdiction; execute contracts and instruments; on termination, exercise all its administration powers and those needed to wind up and distribute; employ or delegate to agents, auditors, accountants, brokers, attorneys, investment advisors, appraisers, custodians, rental agents, realtors and tax specialists; bid at a foreclosure sale or take property without foreclosure; divide a trust under G.S. 36C-4-417; seek a court order for a sale or other disposition of property; distribute an inoperative trust's assets as G.S. 28A-22-10 allows; renounce an interest or power under Chapter 31B; and obtain digital assets, and request and authorize their disclosure, under Chapter 36F.
N.C. Gen. Stat. § 36C-8-817 ↗ Distribution upon termination: On an event that terminates or partially terminates a trust, the trustee proceeds expeditiously to distribute the trust property to the persons entitled to it, subject to the trustee's right to retain a reasonable reserve for the payment of debts, expenses and taxes.
N.C. Gen. Stat. § 36C-8-818 ↗ Notice of deceased Medicaid beneficiaries: Where a trust was established by a person who at death was receiving medical assistance (as G.S. 108A-70.5(b) defines it) and the trust was revocable at that person's death, any trustee of the trust who knows of the medical assistance within 90 days of the death provides notice of the death to the Division of Health Benefits of the Department of Health and Human Services within 90 days of the death. The section does not apply to the trustees of preneed funeral trusts under Article 13D of Chapter 90.

Article 8A: Power holders other than a trustee

N.C. Gen. Stat. § 36C-8A-1 ↗ "Power holder" defined: A "power holder" is a person who under a trust's terms has the power to take certain actions with respect to the trust and who is not a trustee; not a settlor with the power to direct or consent under G.S. 36C-8-808; not a person on whom a donor confers a power of appointment or who may consent to its exercise; and not a beneficiary holding a power to the extent its exercise or nonexercise affects that beneficiary's interest or that of another beneficiary the beneficiary represents under Article 3. A power holder may be one or more individuals, one or more other persons each qualified to exercise trust powers in North Carolina, or a combination, and is a power holder whether or not the terms call it one and, with those exceptions, whether or not it is also a beneficiary or settlor.
N.C. Gen. Stat. § 36C-8A-2 ↗ Powers of a power holder: A trust's terms may give a power holder the power to direct or consent to a duty ordinarily the trustee's — among them investments, discretionary distributions (including a termination by distributing all the assets) and any other matter of administration, such as transferring the principal place of administration — and any other power, including to modify or amend the trust to achieve favorable tax status or to take advantage of laws on restraints on alienation or other State laws restricting the trust's terms, distributions or administration; to remove and appoint trustees and power holders; to increase or decrease a beneficiary's interests; to grant, modify or terminate a beneficiary's power of appointment, without giving a beneficial interest to anyone the instrument does not specifically provide for, to the power holder itself, or to its estate or creditors; and to change the trust's governing law. A power holder may exercise the further powers appropriate to exercising or not exercising those powers, all subject to the provisions of G.S. 36C-8-814 that apply to a trustee in a like position.
N.C. Gen. Stat. § 36C-8A-3 ↗ Duty and liability of a power holder: Unless the trust's terms make it a nonfiduciary, a power holder is a fiduciary in exercising or not exercising a power, with the duty and liability of a sole trustee in a like position where it holds the power alone, and of a cotrustee where it holds the power jointly with the trustee or another power holder — Article 8's duties, the liability and third-party rules of G.S. 36C-10-1001 through 36C-10-1012, the prudent investor rule of Article 9 and the cotrustee rules of G.S. 36C-7-703 included. A power holder provides a trustee or another power holder the information reasonably related both to its own powers and duties and to theirs, and they are not liable for a breach resulting from reliance on it unless their action is intentional misconduct; a power holder has no duty to monitor a trustee or another power holder or to inform or advise anyone about where it might have acted differently, and does not assume that duty by doing so. The terms may make a power holder a nonfiduciary — including for a power to achieve the settlor's tax objectives — and unless they provide otherwise, a power to remove and appoint a trustee or power holder is held in a nonfiduciary capacity.
N.C. Gen. Stat. § 36C-8A-4 ↗ Duty and liability of the trustee where a power holder serves: Where the trust's terms give a power holder the power to direct certain actions of the trustee, the trustee acts in accordance with the direction and is not liable, individually or as a fiduciary, for a loss resulting directly or indirectly from compliance, unless complying is intentional misconduct on the trustee's part. Where the power holder's consent is required and is not given within a reasonable time after the trustee's timely request, the trustee is not liable for a loss resulting from not taking the action; and the trustee is not liable for a loss from the exercise or nonexercise of any other kind of power held by a power holder. A trustee has no duty to monitor a power holder or to inform or advise anyone about where it might have acted differently, and does not assume that duty by doing so; it provides a power holder the information reasonably related both to its own powers and duties and to the power holder's, and a power holder relying on that information is not liable for a resulting breach unless its action is intentional misconduct.
N.C. Gen. Stat. § 36C-8A-4.1 ↗ Limitations of actions against a power holder for breach of trust: In an action against a power holder for breach of trust, the same limitations of actions apply as G.S. 36C-10-1005 applies to an action for breach of trust against a trustee in a like position and under similar circumstances.
N.C. Gen. Stat. § 36C-8A-5 ↗ Compensation and reimbursement of expenses of a power holder: A power holder serving as a fiduciary is entitled to compensation and reimbursement of expenses as G.S. 32-59 provides.
N.C. Gen. Stat. § 36C-8A-6 ↗ Jurisdiction over a power holder: By accepting appointment as power holder of a trust whose principal place of business is in North Carolina, or by moving the principal place of administration to North Carolina, a power holder submits personally to the jurisdiction of North Carolina's courts on any matter involving its action or inaction, without excluding other methods of obtaining jurisdiction over it.
N.C. Gen. Stat. § 36C-8A-7 ↗ Accepting or declining the appointment as power holder: A person designated as a power holder accepts the appointment by substantially complying with a method of acceptance the trust's terms provide or, where they provide none or do not make theirs exclusive, by exercising powers or performing duties as power holder or otherwise indicating acceptance. A designated power holder may reject the appointment; a trustee may give the power holder written notice requesting acceptance, and a power holder who does not accept within 120 days after receiving that notice is considered to have rejected the appointment.
N.C. Gen. Stat. § 36C-8A-8 ↗ Vacancy in the office of the power holder: Where a power holder fails or ceases to act for any reason, the vacancy need not be filled while another power holder remains in office; a successor designated or appointed under the trust's terms acts as successor power holder; while the vacancy lasts the trustee is vested with any fiduciary power or duty of the kind described in G.S. 36C-8A-2(a) that the terms gave the power holder; and the court may appoint a power holder whenever it considers one necessary for the administration. A successor power holder succeeds to all the original power holder's powers and is subject to its duties and liabilities unless the governing instrument shows a contrary intent.
N.C. Gen. Stat. § 36C-8A-9 ↗ More than one power holder: Where more than one power holder is authorized to act and they cannot reach a unanimous decision, they may act by majority decision; unanimity is required when only two are authorized to act.
N.C. Gen. Stat. § 36C-8A-10 ↗ Resignation of a power holder: A power holder may resign on at least 30 days' written notice to the qualified beneficiaries, the settlor if living, and all trustees, or with the court's approval, the court able to issue the orders and impose the conditions reasonably necessary to protect the trust property.
N.C. Gen. Stat. § 36C-8A-11 ↗ Removal of a power holder: The settlor, a trustee or a beneficiary of an irrevocable trust may ask the court to remove a power holder, or the court may act on its own initiative, where the power holder has committed a serious breach of trust; lack of cooperation with the trustee substantially impairs the administration; because of unfitness, unwillingness or a persistent failure to exercise its duties and powers effectively, removal best serves the beneficiaries' interests; or there has been a substantial change of circumstances, removal best serves all the beneficiaries' interests and is consistent with a material purpose of the trust, and a suitable successor is available. Pending a decision, or instead of or with removal, the court may order the relief under G.S. 36C-10-1001(b) necessary to protect the trust property or the beneficiaries' interests.
N.C. Gen. Stat. § 36C-8A-12 ↗ Power holder's bond: A power holder provides bond only if the trust's terms require it; absent such a term, the beneficiary-request and court-finding grounds of G.S. 36C-7-702(a)(3) and (4) apply to a power holder as to a trustee, but never where the terms provide otherwise. Where bond is required, the amount, filing and modification rules of G.S. 36C-7-702(b) and (c) apply.

Article 8B: The North Carolina Uniform Trust Decanting Act

N.C. Gen. Stat. § 36C-8B-1 ↗ Short title (North Carolina Uniform Trust Decanting Act): Article 8B of Chapter 36C may be cited as the North Carolina Uniform Trust Decanting Act.
N.C. Gen. Stat. § 36C-8B-7 ↗ Notice; exercise of the decanting power: Except as Article 8B provides otherwise, an authorized fiduciary may exercise the decanting power without anyone's consent or court approval, after written notice of the intended exercise at least 60 days before its effective date to any settlor as to whom the second trust would be a grantor trust, each qualified beneficiary of the first trust, each person currently entitled to remove or replace the authorized fiduciary, and each other fiduciary of the first trust. The notice specifies the manner of the intended exercise and its proposed effective date and includes a copy of the first trust and of every second trust; the power may be exercised sooner if everyone entitled to notice waives the period in a signed writing. Receiving notice, waiving the period or its expiring does not affect a person's right to apply under G.S. 36C-8B-9 claiming an exercise is ineffective for noncompliance, an abuse of discretion or a breach of fiduciary duty, or that G.S. 36C-8B-22 applies; and an exercise is not ineffective for a failure to notify someone if the fiduciary acted with reasonable care to comply.
N.C. Gen. Stat. § 36C-8B-11 ↗ Decanting power: Except for a special-needs trust under G.S. 36C-8B-13, an authorized fiduciary with distributive discretion over the principal of a first trust for one or more current beneficiaries may exercise the decanting power over its principal or income, subject to limits: a second trust may not add a current beneficiary or a beneficiary who is not a beneficiary of the first trust (except through the powers of appointment the section allows); may not reduce or eliminate a vested interest — a noncontingent right to a mandatory distribution, a current noncontingent right at least annually to income, a fixed amount or a percentage, a power of withdrawal, or an ascertainable non-discretionary share on termination; and, where the fiduciary's discretion is limited by an ascertainable standard, the second trust's distribution powers keep the same standard and the same current beneficiaries in the aggregate. A second trust may retain a power of appointment from the first trust, omit one (other than a power of withdrawal), and create or modify a power of appointment for a current beneficiary who is not the fiduciary and to whom the fiduciary may distribute principal, or for a remainder beneficiary effective only once the holder is, or would have been, a current beneficiary — general or nongeneral, with a class of appointees that may differ from the first trust's beneficiaries. A fiduciary with discretion over only part of the principal may decant that part, and for G.S. 36C-8-814 the first trust is deemed to include the decanting power.

Article 9: The North Carolina Uniform Prudent Investor Act

N.C. Gen. Stat. § 36C-9-901 ↗ Prudent investor rule; applicability: A trustee who invests and manages trust assets owes the beneficiaries a duty to comply with the prudent investor rule of Article 9 — a default rule the trust's provisions governing or directing investments may expand, restrict, eliminate or otherwise alter, a trustee not being liable to the extent it reasonably relied on the trust's terms. Unless otherwise limited, terms such as "legal investments", "authorized investments", "investments permissible by law for investment of trust funds", the prudent man, prudent person, prudent trustee or prudent investor rule, or a reference to Article 15 of former Chapter 36A or Article 9 of Chapter 36C authorize any investment or strategy the Article permits, and the Article also applies where a trust has no investment standard. Unless the trust specifically refers to the Article, it does not apply to retirement, pension and federally governed employee benefit trusts, trusts created by legislative act, trusts under premarital or postmarital agreements, divorce settlements or other settlements, transfers under the uniform transfers to minors and custodial trust acts, honorary trusts, trusts for pets and trusts for cemetery lots, nor to a trust whose investments another Chapter or a rule regulates, absent a specific reference.
N.C. Gen. Stat. § 36C-9-902 ↗ Standard of care; portfolio strategy; risk and return objectives: A trustee invests and manages trust assets as a prudent investor would, considering the trust's purposes, terms, distribution requirements and other circumstances and exercising reasonable care, skill and caution. Decisions about individual assets are evaluated in the context of the portfolio as a whole and as part of an overall strategy with risk and return objectives reasonably suited to the trust. Among the circumstances a trustee considers, where relevant, are general economic conditions; the possible effect of inflation or deflation; the expected tax consequences of decisions and strategies; each investment's role in the overall portfolio, which may include financial assets, closely held enterprises, tangible and intangible personal property and real property; the expected total return from income and capital appreciation; the beneficiaries' other resources known to the trustee; needs for liquidity, regularity of income and preservation or appreciation of capital; and an asset's special relationship or value to the trust's purposes or to beneficiaries. A trustee makes a reasonable effort to verify the relevant facts and may invest in any kind of property or investment consistent with the Article's standards.
N.C. Gen. Stat. § 36C-9-903 ↗ Diversification: A trustee diversifies the trust's investments unless it reasonably determines that, because of special circumstances, the trust's purposes are better served without diversifying.
N.C. Gen. Stat. § 36C-9-903.1 ↗ Duties as to life insurance: Notwithstanding Article 9, a trustee's duties in acquiring or retaining a contract of insurance on the life of the settlor, or of the settlor and the settlor's spouse, do not include determining whether the contract is or remains a proper investment, exercising its policy options (investment options included) or diversifying it, and the trustee is not liable to the beneficiaries or anyone for a loss arising from the absence of those duties. For such a trust established before October 1, 1995, the trustee notifies the settlor in writing that the rule applies unless the settlor gives written notice to the contrary within 60 days, and it does not apply if the settlor so notifies the trustee within the 60 days.
N.C. Gen. Stat. § 36C-9-904 ↗ Duties at inception of trusteeship: Within a reasonable time after accepting a trusteeship or receiving trust assets, a trustee reviews the trust assets and makes and implements decisions about retaining and disposing of them, to bring the portfolio into compliance with the trust's purposes, terms, distribution requirements and other circumstances and with the Chapter's requirements.
N.C. Gen. Stat. § 36C-9-905 ↗ Reviewing compliance: Compliance with the prudent investor rule is determined in light of the facts and circumstances existing at the time of the trustee's decision or action, not by hindsight.
N.C. Gen. Stat. § 36C-9-907 ↗ Short title (North Carolina Uniform Prudent Investor Act): Article 9 of Chapter 36C may be cited as the North Carolina Uniform Prudent Investor Act.

Article 10: Liability of trustees and rights of persons dealing with trustees

N.C. Gen. Stat. § 36C-10-1001 ↗ Remedies for breach of trust: A trustee's violation of a duty it owes under a trust is a breach of trust. To remedy a breach that has occurred or may occur, the court may compel the trustee to perform its duties; enjoin a breach; compel the trustee to redress a breach by paying money, restoring property or other means; order the trustee to account; appoint a special fiduciary to take possession of the trust property and administer the trust; suspend the trustee; remove the trustee under G.S. 36C-7-706; reduce or deny the trustee's compensation; subject to G.S. 36C-10-1012, void the trustee's act, impose a lien or constructive trust on trust property, or trace property wrongfully disposed of and recover it or its proceeds; or order any other appropriate relief. For cause shown the court may relieve a trustee from liability for a breach, or wholly or partly excuse a trustee who acted honestly and reasonably.
N.C. Gen. Stat. § 36C-10-1002 ↗ Damages for breach of trust: A trustee who commits a breach of trust is liable for the greater of the amount required to restore the trust property and distributions to what they would have been without the breach, or the profit the trustee made by reason of it. Where more than one trustee is liable, a trustee is entitled to contribution from the others — but not if it was substantially more at fault than another trustee or committed the breach in bad faith or with reckless indifference to the trust's purposes or the beneficiaries' interests, and not to the extent of any benefit it received from the breach.
N.C. Gen. Stat. § 36C-10-1003 ↗ Liability in absence of breach: A trustee is accountable for any profit it makes arising from the administration of the trust, even absent a breach — without limiting its right to compensation under G.S. 36C-7-708 or the payments G.S. 36C-8-802(f) allows. Absent a breach, a trustee is not liable for a loss or depreciation in the value of trust property or for not having made a profit.
N.C. Gen. Stat. § 36C-10-1004 ↗ Attorneys' fees and costs: In a judicial proceeding involving a trust's administration the court may award costs and expenses, including reasonable attorneys' fees, as the General Statutes provide — except that in a proceeding to establish a trust's validity under Article 4C, fees for the attorneys of a party contesting the proceeding are allowed only if the court finds the party had reasonable grounds for contesting it.
N.C. Gen. Stat. § 36C-10-1005 ↗ Limitation of action against trustee: No proceeding against a trustee for breach of trust may be commenced more than five years after the first of the trustee's removal, resignation or death, the end of the beneficiary's interest in the trust, or the trust's termination. Otherwise Chapter 1 of the General Statutes governs the limitation of proceedings involving trusts, except that a limitation starting to run against a person on a claim involving a trust starts at the same time against everyone that person could represent under Article 3, whether or not the person agreed to act as representative, and G.S. 1-17 does not toll it for them — they are treated as under no disability on the day it starts.
N.C. Gen. Stat. § 36C-10-1006 ↗ Reliance on trust instrument: A trustee who acts in reasonable reliance on the terms of the trust as expressed in a trust instrument is not liable for a breach of trust to the extent the breach resulted from that reliance.
N.C. Gen. Stat. § 36C-10-1008 ↗ Exculpation of trustee: A term of a trust relieving a trustee of liability for breach of trust is unenforceable to the extent it relieves the trustee of liability for a breach committed in bad faith or with reckless indifference to the trust's purposes or the beneficiaries' interests.
N.C. Gen. Stat. § 36C-10-1009 ↗ Beneficiary's consent, release or ratification: A trustee is not liable to a beneficiary for a breach of trust if the beneficiary consented to the conduct constituting it, released the trustee from liability for it, or ratified the transaction constituting it — unless the consent, release or ratification was induced by the trustee's improper conduct, or the beneficiary did not then know of the beneficiary's rights or of the material facts relating to the breach. No consideration is required for a consent, release or ratification to be valid.
N.C. Gen. Stat. § 36C-10-1010 ↗ Limitation on personal liability of trustee: Unless the contract provides otherwise, a trustee is not personally liable on a contract properly entered into in its fiduciary capacity in the course of administering the trust if it disclosed that capacity — "trustee", "as trustee" or a similar designation added to its signature being prima facie evidence of disclosure. A trustee is personally liable for torts committed in administering the trust, or for obligations arising from owning or controlling trust property (environmental liability included), only if personally at fault. A claim on such a contract, obligation or tort may be asserted against the trustee in its fiduciary capacity whether or not the trustee is personally liable, and a judgment may be recovered from the trust property without showing the trustee could have been reimbursed. A trustee is entitled to indemnity from the trust for a claim other than a breach of trust if the claim arose from a common incident of an activity properly engaged in for the trust, the trustee was not personally at fault, or to the extent its actions increased the trust property's value. A decision not to inspect or to decline property creates no inference of environmental liability, and a trustee is not liable for a decrease in value caused by complying with environmental law, reporting included.
N.C. Gen. Stat. § 36C-10-1012 ↗ Protection of a person dealing with the trustee: A person other than a beneficiary who in good faith assists a trustee, or in good faith and for value deals with one, without knowledge that the trustee is exceeding or improperly exercising its powers, is protected from liability as if the trustee properly exercised the power; such a person need not inquire into the extent or propriety of the trustee's powers; a person who in good faith delivers assets to a trustee need not ensure their proper application; and a person other than a beneficiary who in good faith assists or deals for value with a former trustee, without knowing the trusteeship ended, is protected as if the former trustee were still a trustee. Comparable protections in the laws on commercial transactions or on fiduciaries' transfers of securities prevail, and no certification under G.S. 36C-10-1013 is required for the protection.
N.C. Gen. Stat. § 36C-10-1013 ↗ Certification of trust: Instead of furnishing a copy of the trust instrument to a person other than a beneficiary, the trustee may furnish a certification of trust stating the trust's existence and the date the instrument was executed; the settlor's identity, unless the instrument permits withholding it; the identity and address of the currently acting trustee; the trustee's powers; whether the trust is revocable and who holds a power to revoke it; the cotrustees' authority to sign or authenticate and whether all or fewer are required to exercise the trustee's powers; the trust's taxpayer identification number; and the manner of taking title to trust property. Any trustee may sign or authenticate it; it states that the trust has not been revoked, modified or amended in any way that would make its representations incorrect; and it need not contain the trust's dispositive terms. A recipient may require copies of the excerpts of the instrument and amendments that designate the trustee and confer the power to act in the pending transaction. A person who relies on a certification without knowledge that its representations are incorrect is not liable for so acting, may assume its facts without inquiry, and — if acting in good faith — may enforce the transaction against the trust property as if the representations were correct; knowledge of the trust's terms is not inferred merely from holding a copy of the instrument. A person who demands the trust instrument in addition to a certification or excerpts is liable for damages if the court finds the demand was not made in good faith, though a copy may still be obtained in a judicial proceeding. In real property transactions a person relying on a certification may require it to be executed and acknowledged for registration with the register of deeds of the county where the property lies; the certification may then omit a taxpayer identification number that is also a grantor's Social Security number, the trustee certifying the number to the relying person in a manner reasonably satisfactory to that person.

Article 11: Miscellaneous provisions

N.C. Gen. Stat. § 36C-11-1101 ↗ Uniformity of application and construction: In applying and construing the Chapter, consideration may be given to the need to promote uniformity of the law on its subject among the states that enact it.
N.C. Gen. Stat. § 36C-11-1102 ↗ Electronic records and signatures: The Chapter's provisions on the legal effect, validity or enforceability of electronic records or electronic signatures, and of contracts formed or performed with them, conform to section 102 of the federal Electronic Signatures in Global and National Commerce Act (15 U.S.C. § 7002) and supersede, modify and limit that Act's requirements.
N.C. Gen. Stat. § 36C-11-1104 ↗ Trustee signatures: The signature of a trustee who signs a document for or on behalf of a trust is deemed the trustee's signature as trustee, and a document that identifies a trust is deemed to include the trustee or trustees as such.
N.C. Gen. Stat. § 36C-11-1106 ↗ Application to existing relationships: Except as the Chapter provides otherwise, it applies to all trusts created before, on or after January 1, 2006, to all judicial proceedings concerning trusts commenced on or after that date, and to proceedings commenced before it unless the court finds that applying a particular provision would substantially interfere with the effective conduct of the proceeding or prejudice the parties' rights, in which case the superseded law applies to that provision. Its rules of construction and presumptions apply to trust instruments executed before January 1, 2006, unless the terms clearly indicate a contrary intent or applying them would impair a beneficiary's substantial rights. An act done before January 1, 2006, is not affected, and a right acquired, extinguished or barred on the expiration of a period that began running under another statute before that date remains governed by that statute even if repealed or superseded.

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